A movie called the "Money Pit" starring Tom Hanks and Shelley Long focused on the couple buying a house and continually having to spend money repairing one part of it after another.A number of times they should have sold the house,but they kept thinking that if they did just one more thing,the house would be great.This is situation is an example of what decision-making trap?
A)anchoring
B)escalation of commitment
C)framing bias
D)overconfidence bias

Question

Quizplus · Accepted Answer

The situation described in the movie "Money Pit" is an example of escalation of commitment, which refers to the tendency to continue investing time, money, and resources in a decision or project even when it is clear that the outcome is not going to be successful. The couple in the movie kept thinking that if they invested just a little bit more, the house would eventually turn out to be great, which is typical of the escalation of commitment trap.

A Movie Called the "Money Pit" Starring Tom Hanks and Shelley